Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $242,000. Legal fees paid were $1,715, delinquent taxes assumed were $13,600, and fees paid to remove an old building from the land were $17,700. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $845,100 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet